mgt noteswap 2

mgt noteswap 2 - 18:09:00 MANAGEMENT3200...

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exam 1 objectives from notes 21/02/2011 18:09:00 MANAGEMENT 3200 EXAM ONE OBJECTIVES (FROM THE NOTES & ASSIGNED READINGS) INVITATION TO MANAGEMENT 1. What is management? Management is the process of achieving desired results through the efficient  utilization of human and material resources Simply put: getting things done through other people 2. What are the 2 key concerns of management?  Effectiveness and Efficiency 3. What is effectiveness concerned with?  Efficiency?  Effectiveness is concerned with doing the right things at the right time (the  ENDS) Efficiency is concerned with minimizing waste or reducing resource costs  (MEANS to those ends) 4. How are effectiveness and efficiency related? Efficiency is not the key to success- you also need to be highly effective.  The  more you are concerned with efficiency; effectiveness goes down… it’s much easier to  be concerned with effectiveness if one disregards efficiency.  In the end, effectiveness  is more critical. 
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These two goals are related in that it’s much easier to be effective if one  disregards efficiency.  For example, Seiko could produce more accurate and attractive  timepieces if it disregarded labor costs and material input costs.  Conversely, it  becomes increasingly more difficult to be effective when one becomes more and more  concerned with efficiency.  For example, a state university will find it very difficult to give  its students a high quality education if it has a shoe-string budget. Just because organizations are efficient does not necessarily make them  effective.  Sometimes organizations can do the wrong things well!  However, high  efficiency is more typically associated with high effectiveness than with low  effectiveness.  Poor management is most often due to both ineffectiveness and  inefficiency or effectiveness achieved through inefficiency.  The hallmark of good  management is effectiveness combined with efficiency.  But remember out of the two:  effectiveness is more critical. If I’m efficient, does that make me effective? Not necessarily Efficient organizations tend to be highly effective, however, there is no guarantee As I become more concerned about efficiency, effectiveness is more difficult to  achieve or less difficult to achieve? More difficult—the more you’re concerned about efficiency, the higher the cost of  effectiveness Efficiency – minimizing waste and resource costs Market share – about effectiveness Cost – about efficiency Efficient organizations tend to be effective
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